The Takaful protection program is based on Shariah rules and offers many alone characteristics to policy proprietors. There are two types of Takaful concerns. There are household Takaful and general Takaful.
The merchandise under household Takaful are:
- Family Takaful
- Investing linked Takaful
- Child Education Takaful
- Medical and Health Takaful
Family Takaful provides us with both a protection policy and long-run nest eggs for your peace of head. Our donee will be provided with fiscal benefits if suffer a calamity. At the same clip, we will bask an investing return because portion of our part will be deposited in an history for the intent of nest eggs. We have a pick of adulthood periods and there is no forfeiture in the event of cancellation. We are besides entitled to personal revenue enhancement alleviation when you participate in household Takaful.
Basic types of household merchandise:
Individual household Takaful
The programs include instruction, mortgage, wellness and riders. You and your donee will have fiscal benefits originating from decease or lasting disablement, every bit good as long-run nest eggs ( investing ) , and investing net incomes that are distributed upon claim, adulthood or early resignation.
Group household Takaful
This policy is for employers, nines, associations and societies. The programs include group instruction, group medical, wellness and riders. A minimal figure of participants are required to measure up under these programs. You will have protection in the signifier of fiscal benefits originating from decease or lasting disablement.
A program that provides us regular income upon our retirement.
An investment-linked Takaful is a household Takaful program that combines investing and Takaful screen. A part of our part is used to purchase investing units, such as units in equity or fixed income securities. The Takaful protection covers decease and lasting disablement. A household Takaful rider is an extension of the basic household Takaful. Our part gives us a Takaful screen, which includes decease and disablement benefits, and an investing in a assortment of Shariah-approved investing financess of your pick
Investment-linked Takaful offers you these alone characteristics:
- Have the flexibleness to take ain degree of protection and investing
- Can change the sum of our part harmonizing to our altering fiscal fortunes
- Can exchange the current investing fund to other types of investing financess.
- Can claim portion of your investment-linked units at any point in clip
- Can take from a assortment of investment-linked financess like equities, bonds and other fiscal instruments to put in.
Child Education Takaful Plan
Child Education Takaful Plan ( CETP ) provides us with protection and long-run nest eggs to finance the higher instruction disbursals of our kid. The program will supply our kid with fiscal benefits if we suffer any set back covered under the program. The program besides gives our child long-run nest eggs or instruction fund that your kid can utilize to go on his /her surveies.
Participating in a CETP besides makes us eligible for personal revenue enhancement alleviation of up to a upper limit of RM3,000 per twelvemonth for the combination of both medical and instruction programs. A household Takaful rider or an extension of basic coverage for both we and our kid is besides available. The rider provides coverage against personal accident and disablement, hospitalization benefits, funeral disbursals and critical unwellnesss.
Basic types of program:
Ordinary Child Education Takaful
You and your kid will have fiscal benefits originating from decease or lasting disablement, every bit good as long-run nest eggs ( instruction fund ) , and investing net incomes that are distributed upon claim, adulthood or early resignation.
Investment-linked Child Education Takaful
A part of your part is used to purchase investing units, such as units in equity or fixed income securities. In add-on to the ordinary takaful protection, which covers decease and lasting disablement, the investing units will be sold upon claim, adulthood or early resignation
Medical and Health Takaful
Medical and wellness Takaful gives us cover for the cost of private medical intervention, like hospitalization, surgery and intervention, if we are diagnosed with certain unwellnesss or are involved in an accident. The screen acts as a stand-alone policy or can be added to a basic household Takaful program, supplying better coverage and benefits from both policies.
Medical and wellness Takaful is offered through single or group programs. However, an single program by and large costs more than a group Takaful program. Therefore, we need to be really careful when taking a screen that best suits our demands by understanding the merchandise characteristics, conditions, benefits, restrictions and exclusions of the Takaful program. Do n’t be pressured into purchasing more than you need.
The merchandises under general Takaful are:
- Home Takaful
- Motor Takaful
- Personal accident Takaful
There are two types of place Takaful, the house proprietors takaful and homeowners Takaful.
Houseowners Takaful screens your place against loss or harm caused by inundations, fires and other such hazards. It non merely protects our house, but besides the garage, outbuildings, walls, Gatess and fencings around the belongings every bit good as lasting fixtures and adjustments. Homeowners Takaful covers the loss or harm to the contents of residential belongings. We may take part in a houseowners Takaful or a homeowners Takaful, or both for complete coverage.
Make sure that the sum covered in your houseowners Takaful program reflects the reconstructing cost of our house and other amendss on belongings. If the sum covered is less than the rebuilding cost, an mean status will be calculated, intending that if you underinsure your belongings to merely 80 % of its reconstructing worth, you will merely be entitled to claim merely 80 % of the value of harm sustained.
Motor Takaful covers us against loss or harm to your vehicle due to inadvertent fire, larceny or accident. It besides covers bodily hurt or decease of a 3rd party every bit good as loss or harm of a 3rd party ‘s belongings. Similar to general motor insurance, there are two types of screen for a motor Takaful program. There are viz. :
Third Party Cover
This protects us against the 3rd party ‘s decease, bodily hurt and/or belongings harm.
This protects us against 3rd party ‘s decease, hurt and belongings harm every bit good as loss and or harm to our vehicle due to inadvertent fire, larceny or an accident.
If we take on a motor Takaful policy, we will lend a amount of money to a general Takaful fund in the signifier of participative part ( tabarru ‘ ) and set about a contract ( aqad ) . You will be entitled to a portion of the excess in the fund if you did non do any claims during the period of takaful.
A motor Takaful policy besides provides policy holders with a no claim price reduction ( NCD ) . This allows policy holders to regenerate their screen at a discounted monetary value if no claims have been made during the preceding period of the screen. However, it ‘s ever advisable to understand your policy exhaustively, particularly when it comes to exclusions and extensions to your policy.
Personal accident takaful
Personal accident takaful gives us worldwide protection 24 hours a twenty-four hours. So be it going overseas or seeking long-run protection against inadvertent hurts, make certain that us and our loved 1s are taken attention of in an exigency